Ladies and Gentlemen,
The
past
year
was
very
demanding
for
the
entire
region
of
Central
and
Eastern
Europe,
Poland
and
the
Bank
Pekao
S.A.
Capital
Group.
The
gradual
recovery
of
economic
activity
after
the
Covid-19
pandemic
was
abruptly
stopped
by
the
aggression
of
the
Russian
Federation
in
Ukraine,
which
led
to
an
energy
crisis,
a
strong
migration
of
war
refugees,
a
significant
increase
in
inflation
and
a
material
deterioration
in
consumer
and
business
sentiment.
The
Bank
Pekao
Capital
Group
has
met
these
numerous challenges.
Bank
Pekao
was
involved
in
helping
war
victims,
both
by
supporting
humanitarian
activities
and
volunteering,
as
well
as
by
preparing
a
free
banking
offer
for
customers
from
Ukraine.
The
Bank
actively
participated
in
assistance
programs
for
customers
affected
by
the
increase
in
interest
rates
(government
credit
holidays,
contribution
to
the
Borrower
Support
Fund)
and
ensured
the
stability
of
the
banking
sector
(participation
in
the
voluntary
institutional
protection
system).
As
the
bank
of
first
choice
for
most
large
Polish
enterprises,
Bank
Pekao
actively
supported
its
clients
in
the
energy
sector
in
ensuring
the
stability
of
the
Polish
market
in
the
light
of
sanctions
imposed
on
Russia.
In
these
demanding
conditions,
the
Pekao
Group
achieved
good
results,
demonstrating
a
resilient
business
model
based
on
a
strong
balance
sheet
and
effective
risk
management.
In
addition,
in
the
supply
chain
and
towards
customers,
the
bank
enforced
the
right
attitude
towards
the
aggressor
country,
with
the
use
of
the Yale University list.
2022
is
the
second
year
of
two
strategies
of
the
Pekao
Group
until
2024
-
financial
strategy
and
sustainable
development.
The
Bank
showed
a
significant
increase
in
the
scale
of
operations,
while
ensuring
that
it
was
targeted
at
the
segments
most
resistant
to
changes
in
the
economic
cycle.
We
have
intensified
cost
efficiency
to
support
profitability.
Traditionally,
Bank
Pekao
has
remained
a
leader
among
large
Polish
banks
in
terms
of
credit
and
legal
risk
management.
Referring
to
its
strategic
ambitions,
the
Bank
has
implemented
a
number
of
innovative
solutions
thanks
to
which
it
strengthens
its
position
as
one
of
the
leaders
in
the
sector's
digital
transformation.
In
a
demanding
economic
environment,
Bank
Pekao
is
on
the
path
of
achieving
the
main
strategic parameters.
Further
tightening
of
cooperation
between
Bank
Pekao
and
other
PZU
Group
companies
allowed
measurable
benefits
to
be
realized
in
key
strategic
areas:
bancassurance
and
assurbanking.
At
the
same
time,
we
still
see
great
potential
in
the
development
of
the
product
offer
and
the
use
of
distribution
channels
as
well
as
expanding
the
customer
base.
In
the
face
of
the
digital
transformation
of
the
financial
sector,
we
also
do
not
stop
striving
to
identify
and
implement
operational
synergies.
In
the
dynamically
changing
conditions,
cooperation
and
possible
synergies
in
the
field
of
sustainable
development
and
ESG
banking and insurance solutions for customers of the entire Group become particularly important.
From
the
perspective
of
the
financial
sector,
2022
was
a
year
of
testing
the
stability
of
business
models
and
in
these
difficult
conditions
both
the
resilience
of
the
Bank
Pekao
Capital
Group
and
the
cooperation
within
the
PZU
Capital
Group
worked
effectively.
We
have
remained
a
reliable
and
stable
business
partner
for
our
clients,
and
they
reciprocated
us
with
the
growing
scale of operations entrusted to us.
Together
with
the
Supervisory
Board,
we
attach
great
importance
to
the
sustainable
development
and
responsible
activities
of
Bank
Pekao
supporting
the
implementation
of
its
business
goals
and
the
positive
and
stabilizing
effect
that
the
Bank,
thanks
to
its
scale,
can
have
on
the
environment
in
which
it
operates.
I
would
also
like
to
emphasize
the
consistent
development
based
on
ESG
factors
(Environment,
Social
Responsibility
and
Corporate
Governance)
which
strongly
fit
into
the
strategy
of
responsible
business
of
the
entire
PZU
Group,
which,
as
the
largest
financial
institution
in
Poland
and
the
entire
region
of
Central
and
Eastern
Europe,
can
actively
support
the
energy
transformation
Polish
economy.
As
the
Supervisory
Board,
we
will
support
Bank
Pekao
in
further
improving
competences
in
the
area
of
ESG
and
even
stronger
emphasis
on
the
sustainable
development policy in both commercial and operational activities in the new strategy of the Bank.
To
sum
up,
on
behalf
of
the
Supervisory
Board,
we
are
convinced
that
Bank
Pekao
will
continue
to
consistently
strengthen
its
leading
position
in
the
banking
industry
in
Poland.
I
am
also
sure
that
with
all
stakeholders
in
mind,
the
Bank
will
continue
to
strive for a sustainable increase in the company's value.
This
year,
external
conditions
seem
to
be
still
demanding
for
Bank
Pekao.
The
economic
slowdown
results
in
a
moderation
in
the
growth
rate
of
credit
volumes.
The
MREL
requirements,
the
continuing
unfavorable
legal
environment
around
FX
housing
loans and the still high inflation, although with the prospect of moderation, are also significant challenges.